Two years after buying land near Las Vegas for just $6 million, Raiders sell property for $191 million and lease it back
By Jon Becker | Bay Area News Group
The Raiders just scored a huge victory in Las Vegas, months before they’ll even play a game in their new home.
In a move that raised some eyebrows in Nevada, the Raiders sold their unfinished Henderson, Nev. headquarters and practice facility for $191 million and immediately leased it back, the Las Vegas Review-Journal reported Wednesday.
By flipping the 55.6 acres of land they purchased at a cut rate two years ago from the city of Henderson for about $6 million (about half the property’s value), the Raiders turned a profit of $185 million, more than 30 times what they originally paid for the land.
Anyone else smell a re-launch of A&E’s “Flipping Vegas” with Raiders owner Mark Davis and president Marc Badain taking over for Scott and Amie?
According to Review-Journal findings, Mesirow Financial, a Chicago-based company, bought the Raiders headquarters last Friday and entered into a potential 99-year ground lease agreement with the team — a 29-year initial contract and seven 10-year extension options. There are no public records indicating how much rent the Raiders will pay Mesirow Financial.